Avoid the 2013 Centennial credit card

The Centennial Classic is one of the most overpriced cards for bad credit on the market. If you get it, you’re getting taken for a ride.

CentennialThere are a number of credit cards that I absolutely refuse to advertise on this site, regardless of how lucrative their pay may be. Perhaps the biggest example of this is First Premier Bank. Specializing in credit cards for bad credit, they are infamous for charging exorbitant fees and nosebleed interest rates. And guess what? The Centennial Bank brand happens to be one of their own!

So why does First Premier also issue under the label of Centennial credit card? My guess would be that it might have something to do with how tarnished the reputation of First Premier is. Maybe they’re hoping potential customers won’t realize Centennial is the same company?

Whatever the case, I’m here to spill the beans on why Centennial just downright sucks.

Paying $150 for a $300 credit limit?

available creditIf you apply for the Centennial Classic card, you can pay $150 to get a partially secured credit limit of $300.

But right off the bat, your credit limit will be about $75 lower because of the annual fee which is charged.

So in other words, you are putting up a $150 security deposit in order to get a $225 line of credit. That may not sound that bad, until you see what they will charge you beginning on the second year and beyond…

Centennial card fees

So you will be paying a $45 annual fee PLUS $78 in annual “servicing” fees for the credit card account. Combined, that’s $123 in fees.

Is it really worth putting up a $150 deposit AND paying up to $123 in fees per year, just to get a $300 credit limit?

And I haven’t even mentioned the APR yet. If you carry a balance, be prepared to pay interest at a rate of 36%.

And their fully secured card? Only a slight improvement

If you’re not feeling the “Classic” partially secured card, then you also have the option of Centennial’s fully secured credit card.

With this one, since it’s full secured, every $1 you put up equals a $1 towards your credit limit. That’s to be expected, as it’s how most secured cards work. However what‘s unexpected is the high fees they charge… a $50 annual fee. That is significantly above average.

The minimum security deposit is $200 and the APR is much more reasonable than the card above, coming in at 19.9%. I won’t complain too much about these terms because they’re just average

Conclusion? Both are rotten choices

I can’t think of a single good reason to apply for either credit card from Centennial. The “Classic” with its ludicrous annual fee and monthly processing fees might be considered highway robbery.

Meanwhile, the Centennial secured credit card has fairer payment terms, but the annual fee of $50 is just too high.

And if you need one more reason to not apply, just check out all of their credit card reviews and complaints posted online. Not everything about their customer service is bad, but they leave much to be desired.

 
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